Australia's own Elfin Motors has released a sneak peek of its new lightweight performance car - the Elfin "Type 5".

Designed to compete with the likes of Lotus, Ariel and Caterham, the new model codenamed "Type 5" is a completely new car from the ground up.

Unlike the LS1 V8-powered MS8 derivatives, the all-new Type 5 will boast a turbocharged four-cylinder engine with an expected power output of around 200kW and 350Nm.

This is comparable to just 163kW for the Lotus Elise Supercharged and 147kW for the Caterham SVR 200.

Common sense suggests the motor will be a GM-sourced unit, likely the 2.0-litre turbocharged engine from the HSV VXR considering Elfin's roots in HSV with Tom Walkinshaw owning the bespoke manufacturer.

Not only does Elfin plan to keep weight down - with a target of just 750kg - but the price as well.

The Elfin Type 5 aims to be the first genuinely affordable lightweight road-going track car in Australia with an anticipated price tag around $65,000.